Series B1 Funding: Experian Invests in CompareAsiaGroup

CompareAsiaGroup, a Hong-Kong based financial service marketplace, has raised $20 million in Series B1 funding. The funding was led by Experian, an American credit reporting bureaus.

The latest fundings mark a new investment by Experian in Asian fintech startups. Earlier, it injected capital into India’s BankBazar, C88 Financial Technologies Group, and Jirnexu in Malaysia. Earlier this summer, the company has also invested in Grab.

In light of the new fundings, CompareAsianGroup will now be able to explore and use the technology that Experian owns. Experian has a cloud-based credit scoring and risk assessment platform called Experian One. 

CompareAsiaGroup, which has recently established a new R&D centre in Singapore, will also be benefitted by the partnership as it will help it to launch open banking services in Hong Kong.

According to the platform, it currently has 60 million users across Asian countries including Singapore, Thailand, Taiwan, and Hong Kong. The platform helps users to compare personal loans, insurance, shop for bank accounts, credit cards and many other financial services.

CompareAsiaGroup was incorporated in 2014 and till date, the company has raised over $90 million from fundings. Other than Experian, the company’s other investors are SBI Group, Goldman Sachs Investment Partners, World Bank Group member IFC, Alibaba Entrepreneurs Fund, ACE and Company, H&Q UTrust, and Jardines.